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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 2.8% - 3.3% | 3.0% |
| Discount Rate | 10.4% - 9.4% | 9.9% |
| Fair Value | £2.92 - £3.62 | £3.23 |
| Upside | 1.1% - 25.4% | 11.9% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (GBP in millions) | Jul-24 | Jul-25 | Jul-26 | Jul-27 | Jul-28 | Jul-29 | Terminal | |
| Net Income to Common | 37 | 36 | 39 | 40 | 41 | 42 | 42 | |
| % Growth | 6.1% | -2.5% | 7.5% | 3.5% | 2.0% | 2.0% | ||
| Payout Ratio | 26.6% | 39.0% | 52.0% | 65.0% | 78.0% | 90.0% | 92.5% | |
| Projected Dividends | 10 | 14 | 20 | 26 | 32 | 38 | 39 | |
| % Growth | 42.9% | 43.3% | 29.4% | 22.4% | 17.7% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (GBP in millions) | Jul-20 | Jul-21 | Jul-22 | Jul-23 | Jul-24 | Jan-24 | Jan-25 | |
| Cash Dividends Paid | 5 | 5 | 12 | 10 | 10 | 10 | 10 | |
| % Growth | -2% | 165% | -18% | -1% | -1% | |||
| Net Income to Common | (60) | 146 | (11) | 35 | 37 | (6) | 35 | |
| % Growth | NM | NM | NM | 6% | NM | |||
| Payout Ratio | -8% | 3% | -111% | 29% | 27% | -181% | 28% | |
| Retention Ratio | 108% | 97% | 211% | 71% | 73% | 281% | 72% | |
| Adjusted EBITDA | NA | NA | NA | NA | NA | NA | NA | |
| % Growth | NA | NA | NA | NA | NA | |||
| Total Debt | 47 | 66 | 66 | 66 | 66 | 66 | 66 | |
| Shareholder's Equity | 359 | 488 | 464 | 486 | 502 | 467 | 522 | |
| Debt / EBITDA | NM | NM | NM | NM | NM | NM | ||
| Debt / Equity | 13% | 13% | 14% | 14% | 13% | 14% | 13% | |
| 3-Yr Avg. Dividend Growth | 48.8% | |||||||
| 5-Yr Median Payout Ratio | 3.1% | |||||||